EU leaders discuss energy crisis

In this interview given to Ahmed Khair from Al Hurra TV, Dr Carole Nakhle, CEO of Crystol Energy, discusses the latest energy dynamics in the European Union (EU).

Main takeaways:

  1. EU member states have different views on the approach to tackle the energy crisis, including the proposal to put a cap on gas prices.
  2. Gas inventories in the EU have been filled swiftly and current levels are much better than the levels we saw last year. However, the severity of the winter season will dictate how the energy crisis will unfold as the current storage capacity only cushions the demand for up to three months.
  3. Gas leaks from the Nord Stream pipeline have raised concerns about the security of energy infrastructure.
  4. Energy companies should have seen windfall taxes coming due to the growing frustration of consumers struggling with higher energy bills and governments strapped for cash.
  5. There is no immediate alternative for Russian gas. However, the role of  North African countries and Qatar is getting a boost in the EU. Compromises are, however, needed between the EU and suppliers on the duration of the commitments of gas supplies.
Watch the discussion (in Arabic):

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